The Report Structure — 3 Parts
A Meydan liquidation audit report follows a standard structure accepted by Meydan Free Zone Authority (MeydanA). It has three main sections: the Liquidators' Report (the narrative section with 12 mandatory points), the Financial Statements (4 statements prepared on a liquidation basis), and the Notes to the Financial Statements (accounting policies, capital details, expense breakdowns).
The entire report is typically 8–10 pages. It must be prepared and signed by a UAE-registered auditor with their registration number and stamp.
Part 1: The Liquidators' Report — 12 Mandatory Points
This is the narrative section that confirms all loose ends are tied. Meydan expects all 12 points to be addressed clearly:
Company name, licence number, and the date of the shareholder resolution to liquidate. Example: "[Company name] with License Number [XXXXX] was put into liquidation vide a resolution passed in the meeting of the shareholder held on [date]."
Confirms the liquidated statement of affairs has been prepared as at the liquidation date and signed by the authorised signatory.
States the company's main business activities as per the trade licence.
Confirms whether assets and liabilities exist on the liquidation date. For dormant or wound-down companies: "there were no assets and liabilities in the books." For active companies: the amounts are stated and matched to the balance sheet.
Confirms no investments in subsidiaries or branches. If they existed, they must be disclosed and resolved before liquidation.
Confirms whether the company held bank accounts and their current status. For companies that never opened a bank account: "There have been no Bank account(s) under the FZCO's name since inception date."
Confirms all employee dues (salaries, end-of-service benefits, leave balances) have been settled with no outstanding claims.
Confirms all creditors have been settled and there are no outstanding claims from any creditor.
Confirms no debts or loans remain in the company's books as at the liquidation date.
The shareholder confirms that any claims arising after liquidation will be settled by them in their personal capacity. Includes the shareholder's name, address, email, and telephone for contact.
Confirms no other assets remain for distribution and no further claims exist. Liquidation proceedings are declared closed.
States that the FZCO may now apply to the Registrar of Meydan Free Zone Authority for the cancellation of its registration/licence.
💡 The concluding paragraph confirms the financial statements are prepared on a liquidation basis — comprising the statement of financial position as at the liquidation date, and the financial performance for the period then ended. This is signed by the auditor with their registration number, stamp, and date.
Part 2: Financial Statements — 4 Statements
The financial statements are prepared on a liquidation basis (not going concern) and cover the period from the last financial year end to the liquidation date. All four IFRS statements are included:
| Statement | What It Shows | Key Items |
|---|---|---|
| Statement of Financial Position | Balance sheet as at the liquidation date | Assets (property, receivables, cash), liabilities (payables), equity (capital, retained earnings, shareholder current account). For wound-down companies: assets = 0, liabilities = 0, equity nets to 0. |
| Statement of Comprehensive Income | P&L for the final period | Revenue, cost of revenue, gross profit, general & administrative expenses, net profit/loss. Shows the company's final financial performance. |
| Statement of Changes in Equity | Movement in equity from opening to closing | Capital introduced, profit/loss for the period, owner's current account movements. Shows how equity reached its final balance. |
| Statement of Cash Flow | Cash movements during the final period | Operating activities (profit + working capital changes), investing activities (asset purchases/sales), financing activities (capital/owner contributions). |
Each statement must be signed by the authorised signatory (usually the shareholder/director) confirming approval and responsibility.
Part 3: Notes to the Financial Statements
The notes provide supporting detail and disclosures. For a Meydan liquidation report, the standard notes cover:
Note 1 — Company Nature, Operations & Ownership: Registration details, licence number, issue date, principal activities, shareholder name and percentage, share capital value, and the board resolution to liquidate.
Note 2 — Significant Accounting Policies: Confirmation that statements are prepared under IFRS and UAE Federal Law No. 32 of 2021.
Note 3 — Shareholders' Capital Account: Share capital amount breakdown.
Note 4 — Financial Instruments: Description of financial assets and liabilities, management confirmation that all assets are realisable, management undertaking to pay off any post-liquidation liabilities, cash and cash equivalents definition, interest risk and credit risk disclosures.
Note 5 — Expense Breakdown: General and administrative expenses total with supporting detail if material amounts exist.
Note 6 — Contingent Liabilities: Confirmation of no contingent liabilities or capital commitments beyond normal business obligations.
Note 7 — Going Concern: Reference to the board resolution to liquidate — confirms the company is not a going concern.
Note 8 — General: Rounding policy and reclassification note.
Meydan Liquidation Report from AED 1,499
Full Liquidators' Report + 4 financial statements + notes. Prepared by a UAE-registered auditor. Accepted by Meydan Authority.
Common Scenarios in Meydan Liquidation Reports
Dormant Company (No Revenue, No Bank Account)
Most Meydan liquidations we handle are for companies that never traded. The report confirms zero assets, zero liabilities, no bank account, no employees, no creditors. The balance sheet shows share capital offset by a negative shareholder current account (the shareholder paid the liquidation expenses from their own pocket).
Company with Revenue
If the company earned revenue during its life, the P&L shows the revenue, cost of revenue, expenses, and resulting net profit or loss. Revenue must be fully reconciled. If the company had a bank account, the closing balance must be zero or explained (funds returned to shareholder). A common pattern: revenue is modest, expenses exceed revenue, the shareholder absorbs the loss through a negative current account.
Shareholder Current Account
In most Meydan liquidation reports, the equity section shows: share capital (positive), retained earnings (small profit or loss), and shareholder's current account (often negative — representing expenses paid by the shareholder personally). These three must net to zero for a clean liquidation balance sheet.
What Meydan Authority Needs from You
To submit the liquidation report to Meydan and apply for licence cancellation, you typically need: the signed and stamped liquidation audit report, the shareholder's board resolution to liquidate, cancelled trade licence (or request for cancellation), and clearance from any government authorities (immigration, labour). The liquidation report is the centrepiece — without it, Meydan won't process the cancellation.
💡 Meydan-specific note: Meydan liquidation reports often involve a shareholder loan waiver — where the shareholder formally waives any outstanding loans to the company to bring the balance sheet to zero. This waiver must be documented in the equity section and disclosed in the notes. If the shareholder funded the company's operations (rent, licence fees, etc.) and those amounts are recorded as a shareholder loan, they need to be written off before the balance sheet can close cleanly.
Don't forget: CT deregistration (AED 399) is a separate step after the licence is cancelled. Read: What the FTA accepts for CT deregistration →
Written & Reviewed by Nithin — FTA-Registered Tax Agent (TRN: 104218042400003)
Based on actual Meydan liquidation audit reports prepared by Fastlane's audit partner network. Report structure reflects the standard format accepted by Meydan Free Zone Authority as of 2026.